At the moment of typing this:
BTC is in the Equilibrium Zone of the Ichimoku Cloud.
BTC is below its 50EMA on the daily chart.
BTC has found support from its 100EMA.
BTC is below its Ichimoku Cloud Conversion Line (Tenkan Sen). The Conversion Line (Tenkan Sen) is indicating short-term momentum is sideways.
BTC is below its Ichimoku Cloud Base Line (kijun Sen).
BTC is fighting to get back above the Ichimoku Cloud Leading Span A (Senkou Span A) cloud resistance level. BTC needs to close a daily candle back above this level and turn it into strong support.
The Lagging Span (Chikou Span) is under the price from 30 periods ago but at the moment is indicating momentum is sideways but be aware that it is a fast reaction indicator.
The Chaikin Money Flow (CMF) is indicating BTC is now back in the accumulation zone at 0.03.
The Moving Average Convergence Divergence (MACD) is indicating momentum is downwards but selling pressure has lost some strength because you can see the red Histogram is becoming lighter. We need the histogram to start to get smaller and eventually start back above the Base Line at 0.0 creating a green histogram. The Signal Line (Orange Line) is still above its MACD Line (Blue Line). The MACD Line had dropped under the MACD Base Line at 0.0 which means that a 12 Period EMA has dropped under a 26 Period EMA on the price chart. The MACD is crucial to keep an eye on for an eventual curve up off the MACD Line and a potential MACD Line crossing back over the Signal Line. The Weekly MACD is also a crucial indicator to keep an eye on because we do not want the MACD Line to cross over the Base Line at 0.0 on the weekly.
To freak you out, I have added a Fibonacci Spiral to this chart, if the daily candle on the 23rd April’s was the bottom then the next Fibonacci Spiral resistance is at around $71K but that is if the price can make it back over Leading Span A (Senkou Span A) resistance & the Schiff Pitchfork Median line. You can see that part of the Fibonacci Spiral support coincides with the 100EMA.
The Trend is your friend until the bend at the end. But……. there are other factors you need to take into consideration. Don’t forget that the Ichimoku Cloud is also your friend & can confirm to you if it’s a Bull, Bear or just an undecided market.
Is there a chance BTC could go down more, yeah sure because crypto is crazy volatile and Biden could announce he wants to now up capital gains to 95% which most Americans don’t seem to realise is a proposal & that Biden actually needs the senate to vote YES on it first……. I’m not American, but even i know this, so why the panic sell?
The fact that BTC has not yet dropped to its Leading Span B (Senkou Span B) cloud support is a very good sign. If however, BTC does drop further into the cloud, then it could drop to about $39,600 if the 150EMA fails at about $43K. This will be a crucial week to see if BTC can close a daily candle back in the Bullish Zone of the Ichimoku Cloud.
I hope this is helpful and useful to you. Good luck with your Trading or Hodl-ing 🔥🚀🌍🌔🪐🛸👽
BTC is in the Equilibrium Zone of the Ichimoku Cloud.
BTC is below its 50EMA on the daily chart.
BTC has found support from its 100EMA.
BTC is below its Ichimoku Cloud Conversion Line (Tenkan Sen). The Conversion Line (Tenkan Sen) is indicating short-term momentum is sideways.
BTC is below its Ichimoku Cloud Base Line (kijun Sen).
BTC is fighting to get back above the Ichimoku Cloud Leading Span A (Senkou Span A) cloud resistance level. BTC needs to close a daily candle back above this level and turn it into strong support.
The Lagging Span (Chikou Span) is under the price from 30 periods ago but at the moment is indicating momentum is sideways but be aware that it is a fast reaction indicator.
The Chaikin Money Flow (CMF) is indicating BTC is now back in the accumulation zone at 0.03.
The Moving Average Convergence Divergence (MACD) is indicating momentum is downwards but selling pressure has lost some strength because you can see the red Histogram is becoming lighter. We need the histogram to start to get smaller and eventually start back above the Base Line at 0.0 creating a green histogram. The Signal Line (Orange Line) is still above its MACD Line (Blue Line). The MACD Line had dropped under the MACD Base Line at 0.0 which means that a 12 Period EMA has dropped under a 26 Period EMA on the price chart. The MACD is crucial to keep an eye on for an eventual curve up off the MACD Line and a potential MACD Line crossing back over the Signal Line. The Weekly MACD is also a crucial indicator to keep an eye on because we do not want the MACD Line to cross over the Base Line at 0.0 on the weekly.
To freak you out, I have added a Fibonacci Spiral to this chart, if the daily candle on the 23rd April’s was the bottom then the next Fibonacci Spiral resistance is at around $71K but that is if the price can make it back over Leading Span A (Senkou Span A) resistance & the Schiff Pitchfork Median line. You can see that part of the Fibonacci Spiral support coincides with the 100EMA.
The Trend is your friend until the bend at the end. But……. there are other factors you need to take into consideration. Don’t forget that the Ichimoku Cloud is also your friend & can confirm to you if it’s a Bull, Bear or just an undecided market.
Is there a chance BTC could go down more, yeah sure because crypto is crazy volatile and Biden could announce he wants to now up capital gains to 95% which most Americans don’t seem to realise is a proposal & that Biden actually needs the senate to vote YES on it first……. I’m not American, but even i know this, so why the panic sell?
The fact that BTC has not yet dropped to its Leading Span B (Senkou Span B) cloud support is a very good sign. If however, BTC does drop further into the cloud, then it could drop to about $39,600 if the 150EMA fails at about $43K. This will be a crucial week to see if BTC can close a daily candle back in the Bullish Zone of the Ichimoku Cloud.
I hope this is helpful and useful to you. Good luck with your Trading or Hodl-ing 🔥🚀🌍🌔🪐🛸👽
Comment:
It is BTC's first time back in the oversold area in the RSI on the daily chart since March 2020.
